TeamSystem has appointed Tommaso Cohen as Chief Executive Officer and Federico Leproux as Executive Chairman, reshaping the leadership of the Italian software and AI group after Leproux’s roughly 20 years as chief executive.

The reorganisation gives Leproux responsibility for strategic direction, board oversight, stakeholder relations, mergers and acquisitions, and legal and corporate affairs. Cohen, previously Chief Financial Officer and then Chief Operating Officer, takes over day-to-day leadership of the business.

The move follows a succession plan developed over time and leaves the existing governance model largely unchanged. Cohen has held broad responsibilities across the organisation, including oversight of product and technology.

The changes come as TeamSystem reports strong growth in demand for AI-based services from small and medium-sized businesses and professional customers. In 2025, the group posted record revenue of €1.15 billion, with organic year-on-year growth of 12%, and had more than three million active customers.

TeamSystem employs more than 6,000 people and has a direct presence in five countries across Europe and the Mediterranean region. The group focuses on digital business management platforms used by companies and professionals.

Leadership shift

Leproux moves into the chairman role while retaining executive responsibilities as TeamSystem pursues further growth across its markets. His remit includes overseeing deal activity, signalling that acquisitions remain part of the group’s broader strategy.

Cohen’s appointment formalises a transition from a finance-focused executive to one with a broader operational and product brief. The handover was described as a natural progression.

The board also thanked Vincenzo Morelli for his contribution as Chairman. He will remain a member of the Board of Directors.

Growth backdrop

The management changes come amid expansion in software and AI tools for smaller businesses, an area where TeamSystem has built a sizeable customer base. Its cloud-based platforms are used by around 3.1 million customers.

That scale places TeamSystem among the larger European software providers focused on administrative, operational and business management tools for companies and professional firms. Its business spans Italy and international markets, with a footprint beyond its domestic base.

Leproux set out his view of the transition in a statement accompanying the announcement.

“Over the past twenty years, we have built an extraordinary story of growth and innovation, showing that an Italian tech company can become a reference point for millions of businesses and professionals worldwide,” said Federico Leproux, Executive Chairman, TeamSystem. “In this new phase, I will continue to work to ensure a robust strategy, strong governance, and alignment between the board, the management team and key stakeholders, while supporting further growth – also through M&A – in line with our industrial vision. Tommaso Cohen is the right professional to lead the Group as it enters its next chapter. His profound understanding of the company has already been instrumental in shaping our technology and product strategy, and his vision will take it exactly where we want to go. We will continue to work side by side, with the same dedication and commitment that have always characterised our approach.”

In his first comments as Chief Executive Officer, Cohen underlined the company’s focus on AI and said it now sees the technology as part of product design rather than an add-on.

“In recent years, TeamSystem has undergone a significant transformation that extends far beyond scale. We have evolved from a SaaS company supporting businesses to a truly multinational organisation that can develop AI solutions designed to integrate Artificial Intelligence into decision-making and operational processes. AI is not a technological layer added after the fact: it is the way we design our solutions from day one. Our customers increasingly expect effective tools that are seamlessly integrated into their business processes, enabling them to be faster, more efficient and gain a competitive edge. This is exactly where we can deliver value. Assuming my new role with a strong sense of responsibility, I will continue to work alongside Federico Leproux and the leadership team to take TeamSystem to new heights. The work ahead of us is exciting,” said Cohen.

Bicester-based Hedley Studios Ltd, which makes miniaturised electric versions of classic cars, had administrators appointed in March with the majority of its 74 employees being made redundant.

The business, which was formed out of The Little Car Company in 2025, has now revealed that as of Wednesday, April 15, it had creditors worth £2,070,036.

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The biggest of these included £618,464 owed to His Majesty’s Revenue and Customs, £191,535 to Bentley Motors and £56,111 to transportation firm Pro-Logistics.

The full list of its approximately 100 creditors has been published in new documents released on Companies House on Tuesday, April 28, which also offer more insight into why the company collapsed.

Prince Michael of Kent visiting The Little Car Company at Bicester Heritage (Image: BicesterHeritage)

The administrator’s proposal, compiled by representatives of administrators Interpath, details how the company struggled in late December 2025 and so former owner of the business Ben Hedley purchased the shareholding from Island Capital LLC.

The investor group had led the acquisition of previous company The Little Car Company.

Following the management buyout late last year, Interpath was appointed to explore sale and restructuring options as a short-term liquidity requirement was identified.

The Little Car Company became Hedley Studios in Summer 2025 (Image: Bicester Heritage)

This means the business needed cash to cover upcoming payments, often within 30 days although this has not been confirmed in this case.

A spokesperson for the company said: “Interpath launched the early options process by marketing the business to over 250 trade and financial parties.

“The early options process ultimately resulted in no offers on either a solvent or insolvent basis.”

After this the company appointed administrators on March 4.

The business and certain of the assets were sold to a connected party, Hedley Labs Limited, with £100,000 having already been received and a further £150,000 due in May.

This included the transfer of five employees to the new business

Prince Michael of Kent visiting The Little Car Company at Bicester Heritage (Image: BicesterHeritage)

As for Hedley Studios and its remaining assets, a spokesperson for Interpath said: “Whilst we consider it prudent to retain all options available, it is anticipated that the most likely exit route from administration will be via dissolution or a creditors’ voluntary liquidation.”

They added: “Following an extensive sales process, no offers for a rescue of the whole company were received and therefore rescuing the company…was not achievable.

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“Therefore, our primary objective is to achieve a better result for the company’s creditors as a whole than would be likely if the company were wound up.”

In its previous guise, as The Little Car Company, it hosted a royal visit with Prince Michael of Kent trying out some of the cars in 2024. 

The company makes its cars in partnership with a range of luxury manufacturers, including Aston Martin, Bentley and Ferrari.

Vernon Building Society has selected FintechOS to provide a new mortgage platform covering the full lending lifecycle.

The move is part of the mutual’s effort to improve mortgage processing for brokers, borrowers and staff while keeping its existing core banking infrastructure in place.

The platform is intended to support mortgage origination from initial enquiry and Decision in Principle through application, underwriting, offer, completions, product switches and further advances. Rather than replacing the society’s core systems, it will sit above them as a single layer for product pricing and origination.

That approach reflects a broader challenge across financial services. Although institutions are increasing technology spending, most of their budgets still go towards maintaining existing systems. For lenders, that often leaves limited scope to modernise customer-facing mortgage processes without taking on the cost of replacing core platforms.

In the UK mortgage market, building societies have been increasing their share of lending. Industry figures cited by the companies show the sector accounted for 32% of all UK net mortgage lending in the first half of 2025, with total mortgage balances reaching GBP £493 billion and total assets of about GBP £677 billion.

The investment is part of Vernon’s wider effort to modernise its lending operation as it seeks to expand service without disrupting day-to-day activity. The lender grew its mortgage book by 4.6% to GBP £439.5 million in 2025, while total assets rose 5.4% to GBP £534 million.

Process overhaul

FintechOS said its latest platform brings together decision workflows, compliance rules, and product configuration in a single system. Vernon’s teams will be able to design and launch mortgage propositions through configuration tools rather than relying entirely on technical change programmes.

The system also combines product and pricing governance with origination execution, allowing the building society to adjust business rules, eligibility criteria, and offer logic within a governed layer that supports version control and audit trails.

For brokers, the platform includes a dedicated portal for registration, application submission, case tracking and lending updates. The aim is to replace manual coordination across several systems with a single process that provides a clearer view of case progress.

Borrowers are expected to see a shorter route from application to offer, particularly in remortgage and purchase cases where document handling and multiple review stages can slow the process. Internal teams are also expected to spend less time on repetitive administrative tasks and more on customer service and lending decisions.

AI tools

Alongside workflow changes, the platform includes AI-based document ingestion and data extraction for mortgage processing. It is designed to capture and validate information from supporting documents and route exceptions for manual review.

FintechOS said its AI assistant, FintechOS Dex, provides in-context guidance across the product lifecycle. It is intended to help staff navigate cases, locate information and use generative AI within controlled workflows, while leaving accountability with employees.

“A common misconception is that financial institutions have an AI problem; in reality, their challenge is largely an operationalisation one. We built FintechOS 8 around a simple premise: AI in financial services only works when it is grounded in real product data, real workflows and real governance. This release makes data and AI operational for financial institutions, not experimental,” Teo Blidarus, Chief Executive and Founder of FintechOS, said.

The deal comes as FintechOS seeks to position its latest software generation as a way for banks, insurers and mutual lenders to update customer-facing products without replacing legacy technology estates. It says it works with more than 60 customers across North America, Europe and Asia-Pacific, serving more than 25 million end customers and supporting over USD $100 billion in assets under management.

For Vernon, the project is tied to a strategy of combining established banking systems with newer digital processes in mortgage lending. The building society is based in Greater Manchester and Cheshire and also serves borrowers across England and Wales in specialist and bespoke mortgage segments.

“This is an important step forward for the Vernon. Our partnership with FintechOS gives us a modern, flexible mortgage platform that will significantly improve the experience for our members, brokers and colleagues. It allows us to combine the stability of our core banking systems with the innovation needed to support future growth. Most importantly, it helps ensure we continue to provide great service, quicker human decision making and a more transparent mortgage journey, while remaining true to our mutual purpose,” said Darren Ditchburn, Chief Executive of Vernon Building Society.